PDDTF - Piedmont Lithium Looks Overvalued Just Like Sayona

• The company has a lithium project in the Carolina Tin-Spodumene Belt, which has a NPV of $1.07 billion.
• It also inked a supply agreement with Tesla, under which it will sell a third of its production to the EV giant.
• However, Piedmont's project is worth less than $400 million at current lithium hydroxide prices, which is almost twice its market cap.
• Since development-stage mining companies are rarely valued at more than 0.5x times NPV, I think Piedmont should be valued at around $250 million.

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